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Retail sales volume posts rebound after 44 months of drop

The fall sales and the operation of stores on the first Sunday of November helped retail commerce rebound in sales volume that month on an annual basis for the first time in almost four years (since March 2010), Hellenic Statistical Authority (ELSTAT) data showed on Friday.

Retail sales grew in volume by 2.9 percent from November 2012, while turnover (including fuels and auto lubricants) remained stagnant, also given the deflation Greece has been experiencing since last year.

The Finance Ministry issued a statement saying that the November retail data combined with an improvement in the consumer confidence index in recent months point to a considerable shift in the economic climate, which it expects to improve further in the next few months.

Vassilis Korkidis, the head of the National Confederation of Hellenic Commerce (ESEE) said, however, that “we are seeing a stabilization in the market, not a recovery, but that’s good enough for us at the moment.” He added that consumers are turning to lower-brand products in order to make ends meet.